actuary entrepreneur - actuaries institute · the entrepreneur / intrapreneur . combines key...

Actuary Entrepreneur

Kevin Lin © Kevin Lin

This presentation has been prepared for the 2016 Financial Services Forum.

The Institute Council wishes it to be understood that opinions put forward

herein are not necessarily those of the Institute and the Council is not responsible for those opinions.

DEVELOPING A CHILD CARE BUSINESS

Entrepreneurs Breed Entrepreneurs

HOW DID I APPLY ACTUARIAL TECHNIQUES?

The Idea Optimization • Profit Drivers

• At least 56

Places

Location • Demographic

studies

Sourcing Capital • Capital

Requirements

• Loan application

Expertise to Execute the Idea • Pricing

• Risk Management

• Control Cycle

WHAT HAPPENED?

Paying for Inexperience • Time and money

• Experience is a

commodity

• The cost of Experience is less than the cost of Inexperience

Our Builder Went Bust • Conflict of interest

• Lack of independent

oversight

• Contract ambiguities • No insurance

Strength in Diversity

Persistence • Stay

focussed

• Control Cycle

• Perspective

HOW ARE WE DOING TODAY?

HOW DOES ENTREPRENUERIAL EXPERIENCE DEVELOP ACTUARIES?

The Entrepreneurial Actuary • Practical solutions

• Innovation

• Calculated Risks

Resilience • Perspective

• Persistent

• Adaptable

Leadership • Enabler

• Effective communication

HOW COULD ACTUARIES APPROACH ENTREPRENEURIALISM?

The Entrepreneur / Intrapreneur Combines Key Elements: • Idea

• Capital

• Expertise

The Actuarial Entrepreneur Optimal combination of • Analysis vs. Instinct

• Business partners

• Managing conflict of interest

Approaches Used By Other Entrepreneurs • Ready! Fire! Aim!

• Charities and Pro-Bono Work

REIMAGINING THE FUTURE For Members • Everything “traditional” • Courses For the Institute • Higher profile • Culture of innovation

For Employers • Intrapreneurs